Issue link: https://resources.envestnet.com/i/1542481
3 Interval Fund 101 $(60,000.00) $(40,000.00) $(20,000.00) $- $20,000.00 $40,000.00 $60,000.00 $80,000.00 $100,000.00 Capital Calls Distributions Net Cash Flow Net Invested Evergreen Invested 1 2 3 4 5 6 7 8 9 10 Capital calls and distributions offset and weigh on overall allocation for drawdown structures. Evergreen commitments are immediately invested. For illustration purposes only. What does the "interval" in "interval fund" actually mean, though? An interval fund is legally required to allow its investors to redeem between 5% and 25% of its net asset value (NAV) in total at periodic intervals. 3 This liquidity, albeit limited, affords investors some ability to access their capital in the fund. What happens if redemption requests exceed the sum that the interval fund has offered for the period? Each investor will only receive a pro rata share of their requested redemption. For example, if investors in total submit redemption requests for a combined amount equal to 10% of the fund's NAV, but the fund offers just 5% of NAV periodically per its governing document, shareholders will receive only 50% of their desired liquidity. The table below illustrates how interval funds differ from other private fund structures: More Accessible Less Accessible Interval Fund Tender Offer Fund Non-Traded REIT Non-Traded BDC Operating Company (LLC) Private Fund (Feeders) Purchase Process Point & Click Point & Click or Subscription Subscription Subscription Subscription Subscription NSCC or AIP NSCC NSCC or AIP AIP AIP AIP AIP Investor Qualifications* None None, Accredited Investor or Qualified Purchaser State-specific suitability standards State-specific suitability standards Accredited Investor or Qualified Purchaser Accredited Investor or Qualified Purchaser Minimum Investments $2,500 + $2,500 + $2,500 + $2,500 + $2,500 + $50,000 + 40 Act Regulated Yes Yes No Yes No No Evergreen Yes Yes Yes Yes Yes Varies Tax Docs 1099 1099 1099 1099 K-1 K-1 Liquidity 5-25% NAV (mandatory) Quarterly/semi-annually or annually At fund board discretion (optional) At fund board discretion (optional) At fund board discretion (optional)** At fund board discretion (optional) At fund board discretion (optional) Primary Private Market Investment Strategies Credit Real Estate Equity Credit Real Estate Infrastructure Real Estate Credit Equity Credit Infrastructure Equity Credit Real Estate Infrastructure * Additional qualification limits may be imposed by custodians and/or home offices ** Quarterly for one year if asset coverage reduced to 150% Informational use only. Details could vary on a fund-by-fund basis. ATS = "Advisor Traded Sleeve" (in Unified Managed Account). REIT = "Real Estate Investment Trust." BDC = "Business Development Company." LLC = "Limited Liability Company." 3 Regulatory guidelines allow interval funds to choose between offering liquidity every three, six, or twelve months. Quarterly repurchase windows for 5% of NAV are typical, though by no means universal. 20251218-5072926